Global Booming Hemp Markets Sparking NZ Demand
There has been a huge growth in the interest of hemp products among producers and consumers around the world over the last few years. This has sparked change in New Zealand hemp laws as the government looks to loosen the restrictions around the production of hemp and subsequent hemp related products.
The United States is leading the way in the emerging hemp market with a huge number of new hemp products compared to other retail products.
Snacks are the dominant product category for hemp products, followed by personal care and protein powder. As a way to naturally enhance the nutritional profile of a product, hemp seed is finding its way into all kinds of things. Beauty products and protein supplements are amongst the fastest growing, where hemp extracts thrive.
Hemp Product Launches
The number of new hemp retail products entering the market has increased significantly over the last 6 years with 654 new products being launched globally in 2018. What really stands out is also the diversity of products with strong growth across all categories.
The US, Germany, Canada, the UK, France and other high-income industrialised western countries make up the bulk of the active hemp markets. These countries all experienced a relaxation on hemp cultivation laws, similar to what New Zealand experienced at the end of 2018. This suggests local markets are a common first target for local hemp growers, as countries develop their own market as the law permits.
Hemp Search Interest Around the world
On a population basis, New Zealand has one of the highest search interests in hemp
Search analytics are a great way to identify market potential and there is clear interest from the New Zealand population making hemp product production more enticing to cultivators and manufacturers.